APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Concord Biotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> raised US$188m in its India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
In this note, we will talk about the trading dynamics.


Concord Biotech IPO Trading - Strong Subscription Rates, Peers Have Moved up Since Last Note

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is looking to raise around US$188m in its India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>In this note, we will undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
In this note, we will undertake a peer comparison, and share our thoughts on valuation.


Concord Biotech IPO - Peer Comparison & Valuation - Smaller in Scale but Wider in Margins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is looking to raise around US$188m in its India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>As per F&amp;S, Concord was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
As per F&amp;S, Concord was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.


Concord Biotech IPO - RHP Updates - Continued Growing Although Concentration Risk Remains Elevated

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (BARBEQUE IN)</a> has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.</li>
<li>Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.</li>
<li>ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.</li>
</ul>



Barbeque Nation Hospitality (BARBEQUE IN) has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.
Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.
ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.


Trends in Casual Dining, Quick Service and Online Food Delivery

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards (SULA IN)</a> is one of the leading wine producers in India.  </li>
<li>Focus on premiumization, market leadership, and industry prospects are attractive. </li>
<li>However, high working capital, recent resignations, and customer concentration along with market's high valuations make it a watch-list candidate.</li>
</ul>



Sula Vineyards (SULA IN) is one of the leading wine producers in India.  
Focus on premiumization, market leadership, and industry prospects are attractive. 
However, high working capital, recent resignations, and customer concentration along with market's high valuations make it a watch-list candidate.


Narrative and Numbers | Sula Vineyards (SULA IN) | FY23

India

Sula Vineyards Limited provides alcoholic beverages. The Company offers wines, sprits, and malt beverage products. Sula Vineyards serves customers in India.

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Sula Vineyards (SULA IN)

Concord Biotech IPO Trading - Strong Subscription Rates, Peers Have Moved up Since Last Note

Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO. In this note, we will talk about the trading dynamics.

Clarence Chu

Concord Biotech IPO - Peer Comparison & Valuation - Smaller in Scale but Wider in Margins

Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO. In this note, we will undertake a peer comparison, and share...

Clarence Chu

Concord Biotech IPO - RHP Updates - Continued Growing Although Concentration Risk Remains Elevated

Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO. Concord is an India-based biopharma firm, which develops and...

Clarence Chu

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Narrative and Numbers | Sula Vineyards (SULA IN) | FY23

Sula Vineyards: Attractive focus on premiumization & market leadership, but concerns over working capital, resignations & valuations.

Pranav Bhavsar

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